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Legendary Investor Stanley Druckenmiller Dumps Big Tech, Bets on AI and Gold

Legendary Investor Stanley Druckenmiller Dumps Big Tech, Bets on AI and GoldStanley Druckenmiller, the legendary investor who was part of George Soros’ Quantum Fund, has dumped traditional tech stocks while putting funds into gold mining companies and artificial intelligence (AI) shares. According to filings, he sold Amazon, Alphabet (Google), and Broadcom stocks while acquiring shares of Barrick Gold and Newmont, two gold miners. Stanley Druckenmiller Sells […]

$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

Billionaire Tim Draper Reveals BTC Forecast, Says Mass Consolidation of Crypto Tech Coming to Bitcoin

Billionaire Tim Draper Reveals BTC Forecast, Says Mass Consolidation of Crypto Tech Coming to Bitcoin

Billionaire Tim Draper is updating his outlook on Bitcoin (BTC), saying that the mass consolidation of crypto tech is coming to the flagship digital asset. In a new interview with Coin Bureau, the venture capitalist likens BTC to Microsoft, saying that it will serve as the main platform for developers within the industry to launch […]

The post Billionaire Tim Draper Reveals BTC Forecast, Says Mass Consolidation of Crypto Tech Coming to Bitcoin appeared first on The Daily Hodl.

$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

Microsoft Bing AI chatbot gives misleading election info, data

A recent study from two European nonprofits revealed that Microsoft’s Bing AI chatbot, now rebranded as Copilot, gives misleading or inaccurate information about election information.

A study from two Europe-based nonprofits has found that Microsoft’s artificial intelligence (AI) Bing chatbot, now rebranded as Copilot, produces misleading results on election information and misquotes its sources. 

The study was released by AI Forensics and AlgorithmWatch on Dec. 15 and found that Bing’s AI chatbot gave wrong answers 30% of the time to basic questions regarding political elections in Germany and Switzerland. Inaccurate answers were on candidate information, polls, scandals, and voting.

It also produced inaccurate responses to questions about the 2024 presidential elections in the United States.

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$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

Nirvana bassist Krist Novoselic led failed shareholder proposal asking Microsoft to study AI safety

“Proposal 13” asked Microsoft to consider the potential for shareholder harm if its AI products created legal issues for the company over the long term.

Krist Novoselic, co-founder and bass guitarist for the seminal rock band Nirvana, recently led a shareholder proposal presentation urging Microsoft to reevaluate its approach to generative artificial intelligence (AI).

Called Shareholder Proposal 13: Report on AI Misinformation and Disinformation, per a press release, the proposal was submitted by Arjuna Capital “on behalf of Krist Novoselic” and several other shareholder groups.

The proposal cited several key shareholder concerns, including the potential for Microsoft-developed or -backed models to participate in the spread of mass disinformation and misinformation.

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$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

Microsoft faces UK antitrust probe over OpenAI deal structure

The regulator’s examination will assess whether the collaboration constitutes an “acquisition of control,” implying substantial influence of one party over another.

The UK’s antitrust regulator is considering initiating a merger investigation into Microsoft’s multi-billion dollar collaboration with OpenAI.

This announcement resulted in a response from Microsoft, declaring that it only plays a non-voting observer role on the board of the ChatGPT maker.

The investigation announcement follows the ChatGPT maker’s disclosure that the U.S. tech giant would hold a non-voting board seat. The examination will assess whether the collaboration constitutes an “acquisition of control,” implying substantial influence of one party over another, as stated by the Competition and Markets Authority (CMA) on Friday, Dec. 8.

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$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

Meta’s AI boss says there’s an ‘AI war’ underway and Nvidia is ‘supplying the weapons’

The outspoken executive also said that Meta isn’t pursuing quantum computing because it isn’t currently useful.

Meta AI boss Yann LeCun sounded off on the industry-wide state of artificial intelligence and quantum computing during a recent event to celebrate the 10 year anniversary of the founding of Meta’s Fundamental Artificial Intelligence Research (FAIR) team. 

During LeCun’s commentary, he commented on Nvidia’s current stranglehold on the AI hardware industry, the likelihood human-level AI will emerge in the near future, and why Meta isn’t currently pursuing quantum computing alongside its competitors.

The artificial intelligence war

LeCun’s views on the imminence of so-called human-level AI are well-documented.

By comparison, Elon Musk recently gave the bold prediction that a “Digital God” would arrive within the next 3 to 5 years.

In the middle, perhaps, lies Nvidia CEO Jensen Huang. He recently stated that AI would be able to complete tests in a manner “fairly competitive” with humans in the next five years.

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$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

Sam Altman officially returns to OpenAI as Microsoft finally joins board

Sam Altman addressed his employees in a company memo on Nov. 29, marking his official return to the top leadership position at OpenAI.

Sam Altman, one of the founders of OpenAI, has officially returned to office as the firm’s CEO, ending a whirlwind few weeks caused by his abrupt and unexpected temporary departure. 

Addressing OpenAI employees in a company memo made public on Nov. 29, Altman confirmed that interim CEO Mira Murati will step down from her position and return to her previous role as chief technology officer.

Altman also revealed a new initial board, chaired by Salesforce CEO Bret Taylor, along with Larry Summers, who previously served as the United States Secretary of the Treasury, and Adam D’Angelo, the CEO of social question-and-answer website Quora. D’Angelo was on OpenAI’s board before the saga that unfolded in mid-November. Greg Brockman will also resume his role as OpenAI’s President.

"I have never been more excited about the future. I am extremely grateful for everyone’s hard work in an unclear and unprecedented situation, and I believe our resilience and spirit set us apart in the industry. I feel so, so good about our probability of success for achieving our mission," said Altman to employees.

Microsoft gets non-voting seat on OpenAI board

Altman revealed that Microsoft will also be included as a non-voting observer on the new board. 

"We clearly made the right choice to partner with Microsoft and I’m excited that our new board will include them as a non-voting observer," he said. 

A board observer is an individual who is permitted to attend and participate in meetings of the board of directors, but as implied, has no voting rights, acting more as an advisor. 

Microsoft initially wasn't expected to be offered a seat by OpenAI, according to a Nov. 29 report by Reuters, which cited a person familiar with the matter.

This is despite Microsoft having invested $13 billion into OpenAI, the creators of ChatGPT, across several deals dating back to 2019.

Related: OpenAI halts new ChatGPT Plus sign-ups amid high demand

Looking ahead, Altman said he would be focused on advancing the firm’s research plan, improving its products, and better serving customers as the top three priorities for his (technically) second stint as CEO.

In the same official announcement, Taylor stressed OpenAI will "enhance the governance structure," and put together "an independent committee of the Board to oversee a review of the recent events," in effort to provide more stability to the firm. He hopes Microsoft's addition to the board will help steady the ship.

"From technology to safety to policy [...] we are pleased that this Board will include a non-voting observer for Microsoft," he said.

Magazine: AI Eye: Real uses for AI in crypto, Google’s GPT-4 rival, AI edge for bad employees

$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

Can Sony and Microsoft bring blockchain to gaming consoles?

Sony and Microsoft are angling to get into crypto gaming. Will they be able to succeed where others in the industry have failed?

Sony and Microsoft, two of the biggest names in gaming, have been making significant moves towards blockchain technology in recent years. This is an important development, as it has the potential to not only revolutionize the gaming industry but it could be the Trojan horse that makes blockchain a mainstream possibility.

Sony has filed a patent for a system allowing players to transfer digital assets between PlayStation titles using blockchain technology. This would enable unified progress and asset ownership across different games rather than having assets locked to individual games. Sony has also explored tokenizing in-game assets, allowing players to sell and trade them on secondary markets.

Leaked documents show that Microsoft is planning to add crypto wallets to Xbox. This would allow players to trade assets across different platforms securely. Microsoft's goals in annual reports also align with this, as they are pursuing the acquisition of Activision Blizzard and acquiring Savage Game Studios for mobile. This suggests that Microsoft is serious about expanding its gaming presence and that blockchain could play a role.

Related: The reason bots dominate crypto gaming? Cash-grubbing developers incentivize them

Blockchain gaming is a significant opportunity, so it's no surprise it is gaining attention from two gaming leaders. Estimates suggest the market’s value in 2025 could be up to 10% greater than in 2022.

The main drivers of the growth of the blockchain gaming market include the increasing popularity of play-to-earn games, the growing demand for more immersive and engaging gaming experiences, and the increasing adoption of blockchain technology by game developers and publishers.

The gaming market could grow by more than 10% between 2022 and 2025, according to some estimates. Source: Newzoo.

But why blockchain in the first place? The traditional gaming industry primarily generates revenue through game sales, in-game purchases, and subscriptions, often limiting player ownership of in-game assets and focusing monetization strategies on microtransactions and downloadable content (DLC).

While tokenization has been in games since the advent of the in-app purchase, the unique properties of blockchain offer true ownership of in-game assets, new revenue streams for players and creators, and more transparent and secure game economies, including the possibility for players to earn real-world value, community governance where players can influence game development decisions, and dividend-like payouts or staking rewards distributed to token holders.

Ownership of characters, items, and currency also means that you can trade or sell those assets on secondary markets or use them in other blockchain games.

Could game consoles make blockchain mainstream?

This wouldn't be the first time Sony has brought previously niche, cutting-edge technology to the masses.

In the early 2000s, Sony was one of the leading proponents of the Blu-ray disc format. Blu-ray eventually won the format war over HD DVD and is now the standard for high-definition optical discs. By partnering with other major companies, Sony created a critical mass of support for Blu-ray, which helped it become the dominant format.

But including a Blu-ray player in the PlayStation 3 — followed by the PS4 and PS5 — put a cost-effective, high-definition movie cinema in over 239 million homes worldwide. The year before the launch of the PS3, the average cost of a Blu-ray player was more than $1,000 — and it didn't play games, unlike the $500 console.

But the Japanese gaming giant has also dropped the ball several times. The Sony Aibo was arguably the best home robot ever created, and it seemed apparent to many that a PlayStation connection, which could play games with that capable metal dog and reprogram it, would have created the economy of scale needed to make it a must-have purchase.

And many have commented on how PlayStation Home could be leagues ahead of anything Meta and others are creating to try and bring the metaverse to the home and office, yet it strangely disappeared when the PS4 came to life.

Existing blockchain gaming hardware

Of course, Sony and Microsoft aren't first to market in the blockchain gaming niche. There are several existing blockchain gaming hardware products on the market, including the Oculus Quest 2 and HTC Vive Pro 2 VR headsets that have blockchain games available for play today, and various high-end gaming laptops are available, such as the Alienware x17 R2 and Asus ROG Zephyrus G15.

All of those devices, however, feel like those early Blu-ray players in terms of cost and inaccessibility to all.

However, there are some options on the other end of the price scale. WOWCube is a 3D puzzle game console that allows players to interact with the digital world by twisting, shaking, and tilting the device, reminiscent of a Rubik's cube, and the company behind it has announced that they are working with developers to create blockchain games that can be played on the device.

Related: 90% of GameFi projects are ruining the industry’s reputation

In 2021, Atari released a new version of its iconic VCS designed for blockchain gaming. It has a built-in wallet and support for multiple blockchains and comes pre-loaded with many blockchain games, including Atari Pong, Atari Breakout, and Atari Asteroids. It is also possible to sideload additional blockchain games onto the VCS.

And the Anbernic RG552 is a handheld retro gaming console also released in 2021. While it targets those who want to play retro games, including games from the Atari 2600, Nintendo Entertainment System, and Super Nintendo Entertainment System, it can also be used to play blockchain games via the open-source RetroArch emulator.

The road ahead is hashed with gaming gold

Sony and Microsoft's move towards blockchain is a significant development for the gaming industry. Blockchain has the potential to revolutionize the way that games are designed, played, and monetized.

There are challenges ahead, of course. Web3 games are excluded from significant gaming platforms and marketplaces to prohibit applications that issue or allow the exchange of cryptocurrencies or nonfungible tokens (NFTs). However, those hurdles could be lowered or eradicated with the might of two major gaming powerhouses pushing the agenda.

Significant players like Sony, Microsoft, and Nintendo dominate the gaming console market. However, these platforms have yet to offer decentralized game development or digital asset ownership. On the other hand, various blockchain-based games exist. Still, no unified hardware platform optimizes the gaming experience for blockchain-native games, and all games are limited to personal computer use.

If Sony and Microsoft change the landscape, or if any existing up-and-coming solutions become wildly popular, gaming — not financial services, real estate, voting, or NFTs — could successfully bring blockchain to the masses and even significantly impact the global technology landscape and cultural landscape.

Maybe, as with Blu-ray, gaming is the way to put it in the hands of the general public and not just the technologically gifted.

Olga Vorobyeva is the founder of Vox Consulting, a blockchain advisory firm, and a former head of marketing at SwissBorg, a crypto wealth management platform. She is a founding member of the Swiss Blockchain Association and advisor to startups in Switzerland's "Crypto Valley." She also serves as a mentor to the Alchemist startup accelerator. She holds a master's degree from the Plekhanov University of Economics and a certificate in management from The Wharton School of Business.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

OpenAI and Microsoft sued over alleged unauthorized use of authors’ work

Julian Sancton, an author and Hollywood reporter, accuses Microsoft of being aware of OpenAI’s indiscriminate internet crawling for copyrighted material.

OpenAI and Microsoft are facing a lawsuit alleging the improper use of nonfiction authors’ work to train AI models, including OpenAI’s ChatGPT service. Author and reporter Julian Sancton sued the companies on Nov. 21. 

According to Sancton’s complaint, OpenAI allegedly utilized tens of thousands of nonfiction books without authorization to train its extensive language models in responding to human text prompts. The author and Hollywood Reporter editor is leading a proposed class-action lawsuit filed in a New York federal court.

This legal action is among several initiated by copyright owners, such as authors John Grisham, George R.R. Martin and Jonathan Franzen, against OpenAI and other tech firms. The allegations involve the purported misuse of their work to train AI systems. The companies involved have refuted the claims.

Screenshot of the lawsuit. Source: CourtListener

Sancton’s lawsuit emphasizes Microsoft’s involvement in generating unlicensed copies of authors’ works for training data and the development of generative pre-trained transformer-based technology. Sancton also accuses Microsoft of being aware of OpenAI’s indiscriminate internet crawling for copyrighted material.

The lawsuit comes amid an unexpected move by Microsoft, which hired Sam Altman to head its new AI division after his removal from OpenAI. In a surprise turnaround, on Nov. 22, OpenAI announced a new agreement that would see Altman return as CEO. The company confirmed the deal in a post on its official X (formerly Twitter) account. 

Although OpenAI faces multiple copyright infringement suits, Microsoft has largely escaped scrutiny despite introducing a range of products integrated with ChatGPT.

Sancton’s legal action marks the first time an author has sued OpenAI while naming Microsoft as a defendant. With substantial investments in the AI startup, Microsoft has incorporated OpenAI’s systems into its product offerings.

Related: Microsoft, Salesforce, Nvidia swoop in to hire OpenAI employees as walkout threats increase

Sancton’s legal action claims OpenAI utilized nonfiction books, including his work Madhouse at the End of the Earth, to train its GPT large language models. The complaint alleges Microsoft’s substantial involvement in model development, holding the company accountable for copyright infringement. Sancton is seeking unspecified monetary damages and a court order to halt the alleged infringement.

Magazine: OpenAI’s Sam Altman ousted, BlackRock and Fidelity seek Ether ETF, and more: Hodler’s Digest, Nov. 12-18

$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

Microsoft, Salesforce, and Nvidia swoop in to hire OpenAI employees as walkout threats increase

OpenAI’s future remains uncertain as employees threaten a walkout over the firing of former CEO and co-founder Sam Altman.

OpenAI’s decision to fire CEO Sam Altman may have put the company’s future in jeopardy. 

Reportedly, a lion’s share of its employees have threatened to walkout unless the ousting is reversed. Complicating matters further, a number of executives from big tech orgnanizations have offered jobs to employees considering leaving.

Microsoft CTO Kevin Scott and Salesforce founder and CEO Marc Benioff have offered to match the compensation of any OpenAI employees looking to jump ship while team leaders at both Meta's FAIR and Nvidia have solicited resumes and offered to place former OpenAI employees in their divisions.

The outpouring of support comes on the heels of a rollercoaster 12 months for OpenAI. The firm released its seminal “ChatGPT” product in November of 2022 to worldwide acclaim. In the time since, the company’s valuation has catapulted to a reported $86 billion. However Altman’s surprise ousting on Nov. 17 has resulted in unprecedented turmoil for the firm.

As of Nov. 21, and the time of this article’s publication, a reported 700 of the company’s supposed 770 employees — including Ilya Sutskever, the sole remaining co-founder to occupy a position on the firm’s board of directors — have signed a letter signalling their intent to walk out if Altman isn’t reinstated.

Related: Microsoft and Nvidia stocks reach all-time highs amid OpenAI CEO shuffle

While the threat of an employee walkout isn’t unusual in the tech sector after a company overhaul, this particular scenario could have an outsized impact according to speculation from numerous boffins and pundits.

One unlikely scenario being bandied about involves the hypothetical wholesale hiring of all available OpenAI employees by a larger firm such as Microsoft. This would ostensibly create a hostile takeover scenario wherein OpenAI is acquired in all but name for pennies on the dollar.

However, there are multiple other scenarios to consider. Recent reports show that OpenAI’s board and newly-hired CEO Emmett Shear are engaged in “intense discussions” with employees and stakeholders.

If successful, OpenAI could retain its core development team and move forward with its new CEO. But Microsoft’s hiring of Sam Altman as the CEO of an as-yet-undisclosed new AI division within the company could complicate matters as he may no longer be incentivized to lead OpenAI.

It remains to be seen whether OpenAI employees will make good on their threat to walkout if the company chooses not to overturn its Nov. 17 decision or if Altman refuses to return.

Microsoft and OpenAI did not immediately respond to requests for comment.

$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report